In 2015-16, more than half of dependent students from families with incomes below $35,000 at private nonprofit institutions paid less than $5,000 in tuition and fees after grant aid, while 12% paid net tuition and fees of $20,000 or more. Among students from families with incomes of $120,000 or higher, 11% paid net tuition and fees less than $5,000 and 56% paid $20,000 or more after grant aid.

At for-profit institutions, 28% of full-time dependent students from families with incomes below $35,000 paid less than $5,000 in tuition and fees after grant aid in 2015-16, while 15% paid net tuition and fees of $20,000 or more. Among students from families with incomes of $120,000 or more, 1% paid less than $5,000 and 58% paid $20,000 or more after grant aid.

Forty percent of independent students at private nonprofit institutions and 19% at for-profit institutions paid net tuition and fees below $5,000 in 2015-16; 26% in the private nonprofit sector and 12% in the for-profit sector paid tuition and fees of$20,000 or more after grant aid.

Average net tuition and fees and average net total budgets are similar in the private nonprofit and private for-profit sectors for both independent students and dependent students. However, in the for-profit sector, where a much larger share of dependent students are from low-income families, low- and moderate-income students face much higher out-of-pocket expenses than those enrolled in private nonprofit colleges and universities. In 2015-16, average net budgets after grant aid for students from families with incomes below $35,000 were $27,860 in the for-profit sector and $19,960 at private nonprofit four-year institutions.

Average student budgets include a wide range of living expenses depending on whether students live on campus, in off-campus housing, or with parents. At private nonprofit four-year institutions in 2015-16, 58% of full-time students lived on campus, 29% lived in off-campus housing, and 13% lived with parents. At for-profit colleges, only 3% of students lived on campus, 73% lived in off-campus housing, and 24% lived with parents. (Figure 14A)